It is evident that businesses should use marketing principles and market intelligence to retain

customers and make better-informed business choices. Market intelligence (MI) involves

gathering information on a regular, ongoing basis to stay in touch with what's happening in the

marketplace.

Why do companies gather market intelligence and conduct marketing research?

Companies gather market intelligence to stay abreast with the market location to have a

comparative advantage over others. Market intelligence is essential for marketers and companies

to stay informed of the marketplace and their competitors. It helps them recognize their position

in the market, evaluate their goods and services, know their target audience, and conduct a

competitor analysis. It also helps them find out the desires of their customers and conduct market

research to develop an appropriate strategy and a solid business plan; What Is Market

Intelligence? Types, Best Practices ... - G2. (n.d.).

What activities are part of market intelligence gathering?

MI gathering involves looking at external sources such as trade magazines, newspapers, and

economic data produced by the government and by observing competitor firms through

monitoring social networks and browsing their websites or search engines. Companies can also

have direct conversations with customers, conduct market surveys, conduct product drives, and

market scanning to see how their competitors are doing, or use MI tools. Hence, all business

owners should define business ethics to avoid Industrial espionage which is illegally or

unethically gathering corporate information, such as hiring professional spies or revealing trade

secrets (10.1: Marketing Information Systems, 2020).

How do marketing professionals know when they have crossed the line in terms of

gathering marketing intelligence?

Market professionals do know when they do not meet the MI due diligence Code of Ethics,

through the violation of the ethical standards, such as collecting information without consent,

concealing important information, targeting and exploiting vulnerable groups, Shaming people,

inducing anxiety or fear, and exploiting negative emotions. However, the Code of Ethics

developed by the Society of Competitive Intelligence Professionals guidelines are Compliance,

transparency, conflict-free conduct, honesty, act as an ambassador, etc. Mackey, (n.d.)

References

10.1: Marketing Information Systems. (2020, August 10). Business LibreTexts. Retrieved June

17, 2023, from https://biz.libretexts.org/Bookshelves/Marketing/Principles_of_Marketing/

10%3A_Gathering_and_Using_Information-_Marketing_Research_and_Market_Intelligence/

10.1%3A_Marketing_Information_Systems

Mackey, C. (n.d.). Ethical Intelligence - Competitive & Market Intelligence Ethics. Retrieved

June 18, 2023, from Www.scip.org. https://www.scip.org/page/Ethical-Intelligence

Tanner, J. & Raymond, M.A. (2016). Principles of marketing.  Open Textbooks for Hong Kong.

Licensed under a Creative Commons by-nc-sa.  Read online

at:  https://www.opentextbooks.org.hk/ditabook/16010

What Is Market Intelligence? Types, Best Practices ... - G2. (n.d.)

Retrieved June 18, 2023, from https://www.g2.com/articles/market-intelligence